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Small Business Relief Programs

Below are some of the relief programs that have been made available to small businesses struggling due to COVID-19. Our community partners at the Cornerstone Alliance can help you identify which program is right for you and your business. If you have questions, do not hesitate to reach out to them.

SBA Economic Injury Disaster Loan Program (EIDL) The Small Business Administration provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary losses of revenue.

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SBA Paycheck Protection Program (PPP) The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The Paycheck Protection Program will be available through June 30, 2020.

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SBA Microloan Program Our partners at Cornerstone Alliance, the local SBA intermediary, can provide Microloans funding for small businesses. Microloans are available for $500 to $50,000 to businesses located in Berrien, Cass, and Van Buren Counties. These can be combined with the SBA EIDL loan program. if you have an existing microloans, you may be eligible for additional financial assistance under this program.

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Other SBA Resources  Additional SBA programs such as SBA Debt relief and SBA Express Bridge Loans are available. These loans can provide vital economic support for businesses to overcome the temporary loss of revenue they are experiencing and can be used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.

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MEDC Capital Access Program As small and medium-sized businesses across the state are negatively impacted by the COVID-19 outbreak, existing programs within Capital Access provide opportunities to access financing that may not otherwise be available. Participating lenders across the state are encouraged to work with their existing business customers to consider whether these programs could offer access to critical capital. Available programs include:

  • Capital Access Program: The Capital Access Program (CAP), is available to assist businesses with capital needs. Similar to a loan loss reserve fund, the bank, the company and the MSF pay a small premium into a reserve that makes it possible for the company to receive fixed asset and working capital financing.
  • Collateral Support Program: The Collateral Support Program works to provide cash collateral accounts to lending institutions to enhance the collateral coverage of borrowers. This program seeks to enable borrowers to acquire the necessary financing that may otherwise be unavailable due to a collateral shortfall.
  • Loan Participation Program: The MEDC can participate with a lender for new financing that decreases the lender’s credit exposure. For projects with speculative cash flows, the MEDC may offer a grace period on repayments.

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Local Rent and Mortgage Payment Program The Berrien Community Foundation, Southwestern Michigan Tourist Council and Cornerstone Alliance have partnered to create a zero-interest loan program for Berrien County businesses and nonprofit entities that have a rent or mortgage payment due in April and/or May of 2020.

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